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Billion-dollar trade through fraudulent means… when “Made in Iraq” circumvents the laws

Economic expert Jalil al-Lami confirmed on Wednesday that the value of goods imported through Jordan has reached approximately $981 million, some of which have been relabeled as “Made in Iraq.” He warned against the manipulation of the country of origin and the placement of labels bearing the phrase “Made in Iraq” on imported goods.

Speaking to Al-Maalouma, al-Lami stated, “The practice of some merchants importing foreign goods, repackaging them, and affixing labels claiming ‘Made in Iraq’ constitutes commercial fraud that harms consumers, national industry, and the Iraqi economy.” He clarified that “changing the label does not alter the true country of origin, nor does it grant the goods the status of a national product.”

He added, “The danger of these practices is compounded when foreign goods benefit from privileges allocated to Iraqi industry, including preferential treatment in government procurement, exemptions, and customs protection. This transforms measures intended to support local products into a means of generating illicit profits and places Iraqi factories at a disadvantage in competition.”

He explained that “manipulation is not limited to the direct importation of foreign goods, but also includes the possibility of re-exporting imported products through intermediary countries and marketing them as if they were manufactured there,” noting “the necessity of distinguishing between legitimate re-export and falsification of origin, as the passage of goods through a particular country does not automatically make them products of that country.”

He pointed out that “Article 28 of the Iraqi Customs Law prohibits foreign products bearing labels that suggest they were made in Iraq, while Article 31 requires proof of the origin of imported goods, which provides a legal basis for prosecuting and holding accountable those who manipulate the country of origin.” Iraqeconomic reports

Almaalomah.me

Al-Fariji reveals the extent of Iraq’s financial losses due to its lack of oil tankers.

Crisis expert Ali Jabbar Al-Fariji explained the extent of the financial loss that Iraq is incurring due to not owning oil tankers to guarantee the export of its oil abroad. Iraqeconomic reports

Al-Fariji told Al-Maalouma, “Despite possessing a huge oil wealth, Iraq does not have a national tanker fleet of sufficient size to enable it to manage the transport and marketing of its oil during crises, a gap that was revealed by the Strait of Hormuz crisis.”

He added that “reports indicate that the Iraqi Oil Marketing Company (SOMO) offered Basra Medium crude for October shipments at a discount of $34.50 per barrel, and heavy crude at a discount of up to $37, compared to the reference prices for export destinations. Some reports estimate that the potential losses from the discounts amounted to about $1 billion during September alone. These are published estimates, not audited financial accounts from the Ministry of Oil.”

He explained that “to realize the extent of the financial exposure, an additional discount of $10 per barrel out of 3 million barrels per day is equivalent to $30 million per day, or $900 million over a month. As for the discounts announced for October shipments, they should not be generalized to all exports, as they vary according to the type of crude, the destination and the contract, and part of them reflects transportation, insurance and war risks.”

In contrast, “Saudi Arabia, through its company Bahri, owns 50 Very Large Crude Carriers (VLCCs), according to its 2025 annual report. Each tanker has a capacity of approximately 2.2 million barrels. In September 2025, the company finalized a deal to purchase nine tankers for $1 billion, an investment that reflects the importance of maritime transport within the oil industry. As for Iraq, its government is considering purchasing ten VLCCs at a potential cost of nearly $2 billion, according to some government statements whose seriousness is unknown. This move could enhance Iraq’s negotiating power and reduce its reliance on foreign shipping companies, but its feasibility depends on operating, insurance, and financing costs, as well as the actual savings it would generate.”

Almaalomah.me

Barzani calls on all political parties to participate in the Kurdistan Parliament sessions.

On Wednesday, Kurdish leader Masoud Barzani congratulated the people of Kurdistan, the Presidency of the Regional Parliament, and the political forces on the occasion of the parliament resuming its work, following a hiatus of nearly two years since the parliamentary elections in October 2024. ReadDaily News

In a message published on the occasion of the resumption of the legislative institution’s work, and received by Shafaq News Agency, Barzani said that he congratulates the people of Kurdistan, the parliament’s leadership, and all political parties on this occasion, expressing his appreciation to the parliamentarians who contributed to reactivating the constitutional institution and undertook their legal and national responsibilities.

He added that resuming the work of Parliament represents a step towards protecting the Kurdistan Region and strengthening its institutions, stressing that this step does not target any person or political party, but rather serves the higher interests of the people of Kurdistan and the political process in the region.

Barzani called on the political parties that did not participate in the process of resuming parliament to join its work and participate in its upcoming sessions, and to work together to serve the people of Kurdistan, support the political process, and contribute to the completion of its subsequent steps.

He stressed that the next stage requires cooperation among the various political forces and a concerted effort to serve the general interests of the region.

The Kurdistan Region Parliament resumed its work on Wednesday after a hiatus of nearly two years, following the parliamentary elections held on October 20, 2024, due to political disagreements between the main forces regarding the completion of parliamentary procedures and the formation of the new government.

The session to resume business was attended by 52 out of 100 members of parliament, thus achieving a quorum, and resulted in the election of a new parliamentary leadership, in a move that revived the legislative institution after a long period of inactivity.

The resumption of the sessions came amid a divergence in the positions of the political forces, as some blocs announced their non-participation, while other blocs and deputies attended, which reflects the continuation of political disagreements regarding the mechanisms for managing constitutional institutions and the arrangements for the next stage.

The resumption of parliamentary sessions is expected to be a significant milestone in fulfilling constitutional and political obligations in the Kurdistan Region, including matters related to forming the new government, amid calls for broader political participation and overcoming existing differences.

Shafaq.com

The Amarah gas separation plant begins trial oil production at 3,000 barrels per day.

The Iraqi Ministry of Oil announced on Wednesday that the operational and technical staff at the Amarah gas separation plant in the Missan Oil Company have begun trial production operations from the field at an initial rate of 3,000 barrels of crude oil per day.

The Director General of Maysan Oil Company, Hussein Kazem Laibi, confirmed in a statement received by Shafaq News Agency that “this step falls within an operational plan aimed at gradually increasing production rates, reaching the planned production capacity of 8,000 barrels per day in the coming days, and working to stabilize production at this rate, which contributes to enhancing the production capacities of the company’s fields.”

He pointed out that “these efforts reflect the Maysan Oil Company’s endeavor to maximize the utilization of available resources in its oil fields, raise the efficiency of production facilities and installations, as well as develop operational infrastructure, in order to ensure the sustainability of production and the achievement of planned targets.”

Laibi explained that “increasing crude oil production rates is a fundamental pillar in supporting the national economy and boosting state revenues.”

Shafaq.com

Iraqi oil prices plummet… Basra Heavy crude hits $70.15

Iraqi oil prices fell by more than 5% on Wednesday, with Basra Heavy and Medium crude dropping by about $4 per barrel, coinciding with the downward trend in global energy markets. Iraqeconomic reports

Basra Heavy crude fell to $70.15 a barrel, down 5.36%, while Basra Medium crude declined to $74.15, down 5.08%.

Globally, Brent crude fell to $103.02 a barrel, West Texas Intermediate crude dropped to $95.41, and the OPEC basket declined to $103.53 a barrel.

Shafaq.com

The Director General of the Iraqi Oil Tankers Company was suspended and referred for investigation.

An informed source reported on Wednesday that the Director General of the Iraqi Oil Tankers Company, Ali Qais, has been suspended and referred for investigation, in connection with investigative committees related to the files of staff training and the new tankers that have stopped working.

The source told Shafaq News Agency that a decision was issued to assign the assistant director general, Kazem Jakhior, to run the company’s business and manage its tasks until further action is taken regarding the case.

Iraq is suffering from a shortage in the maritime transport sector for oil, especially with the tensions in the Strait of Hormuz, as Bloomberg reported on October 5 that Baghdad was preparing to charter additional oil tankers to transport crude through the strait, with at least two tankers expected to arrive in the coming days.

Oil Minister Bassem Mohammed al-Abadi also stressed on October 24 the need to expedite the procedures for purchasing oil tankers for Iraq.

Shafaq.com

100 trillion dinars are circulating outside banks, and Iraqis continue to prefer cash.

Indicators from the Central Bank of Iraq showed a continued rise in the volume of currency circulating outside the banking system, reaching about 100.183 trillion dinars at the end of August 2026, despite recording a decline compared to the previous month.

According to data seen by Shafaq News Agency, the currency outside banks decreased from 100.792 trillion dinars at the end of last July to 100.183 trillion dinars at the end of August, a decrease of 609 billion dinars.

The data indicated that the total currency issued amounted to 107.998 trillion dinars at the end of August, while the currency held by banks amounted to 7.815 trillion dinars, with funds circulating outside banks constituting about 92.8% of the total currency issued.

On an annual basis, currency outside banks increased from 92.560 trillion dinars at the end of 2025 to 100.183 trillion dinars in August 2026, an increase of 7.623 trillion dinars.

These indicators highlight the continued dominance of cash outside the banking system in Iraq, which accounts for the largest share of the currency issued, reflecting the continued heavy reliance on cash transactions outside banks.

Shafaq.com

The Kurdistan Democratic Party: Activating Parliament is a step to protect the region’s entity, and its doors are open to all.

The spokesman for the Kurdistan Democratic Party, Mahmoud Mohammed, said on Wednesday that the Kurdistan Parliament holding its first session and electing its leadership was a “necessary step to protect the constitutional entity of the region,” despite its delay, accusing the leadership of the Patriotic Union of Kurdistan and the New Generation Movement of obstructing the legislative institution for two years.

Mohammed said in an official statement, “Unfortunately, this legitimate institution in the region, which represents the voices and will of the people, has been disrupted for two years due to the political decision of the leadership of the Patriotic Union of Kurdistan and the New Generation,” indicating that “this comes despite the fact that a number of parliamentarians and their family members have been subjected to numerous threats, which is a dangerous indicator and a threat to democracy and the will of the people, and reflects a mentality that does not serve the process of establishing democracy in various areas of life within Kurdish society.”

He expressed his hope that “all parties will respect the will and desire of the people and the democratic process,” adding that “the Kurdistan Parliament is the true place for political and legal dialogue, and a key factor in strengthening cohesion and internal unity in Kurdistan.”

The spokesman for the Kurdistan Democratic Party pointed out that “the reactivation of the parliament is not directed against any person or party, but rather its doors are open to everyone,” calling on “the blocs of other parties to make a positive decision to participate in preserving the legitimacy and constitutional entity of the Kurdistan Region” following the reactivation of its parliament.

Mohammed also expressed his hope that “this step will be an incentive to assume shared responsibility in moving the Kurdistan Region forward during this sensitive stage, and bringing all viewpoints closer together, in a way that serves the people and the future of Kurdistan.”

This stance comes after the Kurdistan Parliament voted earlier today to elect the Kurdistan Democratic Party candidate, Vala Farid Ibrahim, as Speaker of Parliament, the Christian component representative, Rami Nouri Audish, as Deputy Speaker, and the Turkmen component representative, Mona Nabi Nader, as Secretary of the Presidential Body, by an absolute majority of 52 votes, amid a boycott by the Patriotic Union bloc and the New Generation Movement, and the abstention of the oldest member from managing the session, which was then taken over by an alternative deputy.

Shafaq.com

A deficit of 43 trillion dinars: Balancing inflation and the refusal to increase Kurdistan’s share

The federal budget is facing a critical financial juncture due to unprecedented inflation in operational spending and a mounting deficit. Economic warnings are mounting about the depletion of the treasury caused by exorbitant privileges granted to special-grade officials and the inflated, unaccounted-for funding of pension and welfare funds. This comes as the Kurdistan Region’s demands for an increased financial allocation have been met with firm rejection from both parliament and the government.

The economic expert, Nasser al-Kinani, revealed data and figures exposing deep structural imbalances within the budget, warning of continued financial losses resulting from bloated public sector employment, inflated special-grade positions, and undeserved salaries. He also highlighted unjustified discrepancies in social safety net allocations.

Al-Kinani told Al-Maalomah News Agency in an exclusive statement that “the general budget is the largest in the country’s history, reaching 217 trillion dinars, compared to expected revenues of no more than 174 trillion dinars, leaving the country with an operational deficit of nearly 43 trillion dinars.”

He explained that “the most prominent flaw lies in funding the pension fund from the budget, when it should be self-financing through employee deductions, not being drained to pay pensions to groups who have not provided actual public service, such as members of the National Assembly, the Council of Representatives, and successive presidencies.”
He added that “the social welfare program alone consumes about 33 trillion dinars, equivalent to 14.8% of the total budget. This is an enormous sum that is not logically proportional to the announced number of beneficiaries and requires a comprehensive audit and a genuine review to clarify expenditures and address shortcomings.” He called for “the strict implementation of administrative automation to uncover ‘ghost employees’ and instances of double employment in the Baghdad Municipality, other municipalities, and the oil and electricity sectors.”

Shocking figures reveal the extent of the bloated senior civil service. An economic expert unveiled a map of this overstaffing, highlighting the existence of 770 high-level (A) positions, granting their holders allowances and privileges equivalent to a ministerial rank. These include 118 positions within the Ministry of Foreign Affairs alone, in addition to over 5,300 high-level (B) positions and approximately 51,841 first-level (director general) positions.

These positions are accompanied by extensive security details, travel allowances, and enormous financial allocations that burden public spending.
Al-Kinani warned of the worsening crisis, noting that the number of state employees, which already exceeded 4,074,000, is poised to surpass 5 million with continued job expansion and the increase in special grades. He emphasized that controlling the deficit requires genuine courage to reduce the privileges of senior officials, eliminate the bloated bureaucracy, and eradicate the sources of waste.

Parliamentary rejection of imposing a 14% share at the expense of the governorates.
Regarding the financial disputes between the central government and the region, Rabie Abdul Jalil, a member of the Parliamentary Oil, Gas and Natural Resources Committee, confirmed the impossibility of meeting the Erbil government’s demands to obtain 14% of the general budget, stressing the strict commitment to the percentages determined according to the surveys and official data at the Ministry of Planning, which determine the region’s entitlement to only 12%.

Abdul Jalil explained in a statement to Al-Maalomah that “the region’s demand to increase its share is impossible and completely unfeasible, and will be met with strong and decisive parliamentary rejection from most blocs and representatives from various governorates within the halls of the House of Representatives.” He pointed out that “the government is legally and morally obligated to adhere to the 12% quota, as the distribution of federal wealth must be based on fairness, population size, and indicators of deprivation, without yielding to any pressures seeking to impose undeserved percentages.”

These financial challenges place the executive and legislative branches before an urgent national imperative to restructure spending. Observers agree that reducing financial waste resulting from the proliferation of special grades and high allowances, and adjusting the constitutional quotas for regions and governorates according to actual entitlement rather than political favoritism, are the only inevitable paths to avoid financial collapse and maintain overall economic stability.

Almaalomah.me